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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Drybrook, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Drybrook leasehold conveyancing

Planning to complete next month on a garden flat in Drybrook. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Drybrook should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Drybrook please ask your lawyer in ahead of your conveyancing in Drybrook

    • Estate agents have just been given the go-ahead to market my basement flat in Drybrook.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    I am employed by a busy estate agency in Drybrook where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Drybrook conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

    Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

    Can you provide any advice for leasehold conveyancing in Drybrook from the point of view of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Drybrook can be bypassed if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
    • Many freeholders or managing agents in Drybrook charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Drybrook.
  • A minority of Drybrook leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unsettled.
  • If you hold a share in a the freehold, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a lengthy process and slows down many a Drybrook home move. If a new share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.

    • Are there common defects that you witness in leases for Drybrook properties?

    Leasehold conveyancing in Drybrook is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.

    Leasehold Conveyancing in Drybrook - A selection of Queries before Purchasing

      Are there any major works anticipated that could increase the maintenance fees? How many years are left on the lease? Is there a share of the freehold?

    Other Topics

    Lease Extensions in Drybrook